Nixon Shock: Definition & Effects

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following was a reason why the U.S abandoned the Bretton Woods Agreement?

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1. Identify the year currencies were allowed to float freely.

2. Select the reason why Nixon's decision to abandon the gold standard was labeled Nixon Shock.

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About This Quiz & Worksheet

Using the worksheet and quiz, you can determine what you know about Nixon Shock. To do well on the short quiz, make sure you know about the Bretton Woods Agreement as well as why a decision might be deemed 'Nixon Shock'.

Quiz & Worksheet Goals

These tools are designed to check your comprehension of:

  • Why Nixon's decision to abandon the gold standard was called 'Nixon Shock'
  • When currencies were allowed to float freely
  • The reason the U.S. abandoned the Bretton Woods Agreement

Skills Practiced

  • Information recall - access the knowledge you have gained about an important effect of abandoning fixed currency exchange rates
  • Interpreting information - verify that you can read information about how Nixon Shock got its name and interpret it correctly
  • Reading comprehension - ensure that you draw the most important details from the lesson on Nixon Shock and its consequences

Additional Learning

Nixon Shock: Definition & Effects is a lesson that helps you learn more about this concept at any time. Some of the topics you'll explore in the lesson include the following:

  • The meaning of pegging currencies
  • How Presidents Kennedy and Johnson attempted to contain exchange rates
  • Nations that demanded redemption for gold
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